|
|
|
A Look at Aluminum Awnings
Awnings can be a great way to add value to your home. Most real estate agents will tell you that when you are trying to sell your home, curb appeal is certainly not something to skimp on. In addition to making sure your property is nicely groomed,...
Arizona Real Estate – A Good Buying Opportunity?
If you’re looking to move to a new state, Arizona real estate is definitely worth a look. Following is a primer of the state and the FSBO Arizona real estate market.
Phoenix
Phoenix is by far the largest city in Arizona and it is growing fast....
Is A Townhouse For You?
With the huge variety of real estate choices on the market today, many people aren't even clear on what a townhouse is, much less whether or not it's the right choice for them. So what, exactly, is a townhouse?
A townhouse, also called a...
Is The House Flipping Hype For Real?
House flipping is hot -- to the point where more than one successful reality TV show has been created to feed the appetite of up and coming house flippers. But does the reality of house flipping measure up to the hype?
House flipping TV shows...
The House Flipping Trend
Picture this: You purchase a run-down old house at a local auction. The house is falling apart, maybe even in the kind of ways that require Condemned signs, and you walk away thrilled to have spent $65,000 of your hard-earned money to own it. What...
|
|
| |
|
|
|
|
11 Steps Away From Buying Your Dream Home
There is no doubt that the market for houses has been on fire
recently. More and more people are taking advantage of low interest
rates and easy mortgage loan terms to go from being renters to being
home owners. With so many people entering the market, it is
inevitable that questions will arise.
There are many things to consider when buying your first home. Some of the
most important steps to buy a house are:
Step 1: Learning the home buying process
Start by learning as much as you can about how the home buying and
mortgage application process works. Read as much as you can about
buying a home. Check out the many books in your local library that
offer hints to first time home buyers. Read financial web sites on
the internet for tips for first time home buyers. You may even want
to sign up for a class aimed at first time homeowners. Many towns
and cities offer these kinds of classes, and they can be a great
source of information for the buyer looking for his or her first
home.
Step 2: Find out the pre-qualified price range
It is important to find out how much you can borrow before you start
looking for a home. Talk with several mortgage lenders in your area
and get pre-qualified for a particular price range. The mortgage
lender will be able to help you determine how much you can borrow
based on your annual income. In general, mortgage lenders recommend
that all home related expenses, including the mortgage payment,
insurance premiums and real estate taxes, do not exceed 28% of your
monthly income.
Step 3: Get Pre-approved for mortgage loan
The next step is to get pre-approved for mortgage financing. This is
similar to getting pre-qualified for a price range, but it is a more
formal process. You will need to supply proof of your income for the
pre-approval process to move forward. Most lenders will want to see
income tax returns from the past two years as proof of the income
you are claiming.
Step 4: House hunting
After you have been pre-approved for your mortgage loan, it is time to
actually start house hunting with a realtor (find out why you need
to find a realtor before buying a house?). Your mortgage lender will
give you a letter stating that you have been pre-approved for a
mortgage and the amount you are authorized to borrow. You will need
to present this letter to the real estate agent when you get
started. It is important to get pre-approved for a mortgage loan
before beginning your home search. The real estate agent and real
estate company will be much more willing to work with you if they
know you can afford the home you are looking at. In addition,
sellers will take your offer much more seriously if it is
accompanied by a pre-approval letter from your mortgage lender.
Step 5: Make an offer
Once you have found a home that meets your needs, it is time to make an
offer on the property. You will already know the most you can spend
from the pre-approval process,
and you probably will have your own ideas on what the
property is actually worth. In addition, your real estate agent can
guide you through the negotiation process and offer procedures. A
copy of your pre-approval letter will be presented as part of the
written offer. This will ensure the seller that your offer is
legitimate.
Step 6: Negotiation process
If the seller accepts your first offer, congratulations. Your negotiations
are over and you're ready to start preparing for your move. More
likely, however, is that the seller will come back with a
counter-offer. This negotiation process can go on for a short or
long amount of time, depending on factors like the motivation of the
seller, the local real estate market, and a host of other factors.
The real estate agent will be a good guide through the negotiation
process. After all, he or she will have been through this process
many times before.
Step 7: Provide copy of Purchase and Sale Agreement to mortgage broker
After the negotiation process has been completed, you will need to present
your mortgage broker with a copy of the Purchase and Sale Agreement
for the home.
Step 8: Work to close the mortgage loan
After presenting the Purchase and Sales Agreement, you will need to work
with the mortgage broker to ensure you meet all the conditions
required for the closing of the mortgage loan.
Step 9: Some inspection prior closing
Prior to closing, you will want to make sure to have a thorough home
inspection performed by a qualified and certified home inspector. A
home inspection will protect you from flaws in the construction and
condition of the home that are not obvious to the naked eye.
Youth Rights and
Youth Studio
Home inspections can uncover things like foundation cracks, termite
infestation and other home quality issues.
Step 10: Hand over down payment
After the home inspection has been performed and the report has come back
clean (or all the items uncovered have been repaired), it is time
for the buyer to actually hand over the money for the down payment
and sign the loan documents.
Step 11: Collect the house key
After the closing of the loan, the fun part of home buying begins. Your
real estate agent will hand over the keys to your new home and you
can actually move in and enjoy your beautiful new home. Welcome to
moving day!
About the Author: Andrew is the web owner of "Home Buying and
Home Selling Tips: How to buy and sell house fast", a website that
provides informational guide on home buying, selling house, home
mortgage loan and more. You can visit his website at:
http://www.buy-and-sell-house-fast.com/. This article may be
freely distributed if this resource box stays attached.
Source:
www.isnare.com
|
|
|
|
|
|